Hondo, New Mexico Property Taxes
The median property tax rate in Hondo, NM is 1.00%, slightly higher than the national median of 0.99% and significantly above the New Mexico state median of 0.86%. With the median home value in Hondo at $109,335, the typical annual property tax bill reaches $1,127, which is below the national median of $2,690. Property taxes in Hondo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hondo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hondo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hondo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,093
$1,015
Ownwell’s Hondo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hondo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hondo to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hondo, New Mexico
Property taxes in Hondo, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hondo is 1.00%, higher than both the New Mexico state median and the U.S. national median of 0.99%. Local government entities within Hondo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hondo estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hondo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 88336 zip code has the highest median property tax rate of 1.00%, while the 88336 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Hondo provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hondo Tax Rate
1.00%
Average Lincoln County Tax Rate
0.99%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88336 | 0.71% | 0.77% | 1.00% | 1.34% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Hondo, New Mexico
In Hondo, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lincoln County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hondo, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hondo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 88336, with a value of $1,127.
Average Hondo Assessed Value
$109,335
Average Lincoln County Assessed Value
$90,750
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88336 | $12,996 | $39,513 | $109,335 | $171,888 | $922,896 |
Source: Ownwell
Property Tax Bills Across Hondo, New Mexico
In Hondo, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Hondo, the median home price is $109,335. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. Homeowners might see a wide range in tax bills. For instance, the 25th percentile tax bill is $469, while the 75th percentile tax bill is $1,820. At the higher end, the 90th percentile tax bill can reach up to $9,911. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local rates stack up. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Hondo Tax Bill
$1,127
Average Lincoln County Tax Bill
$1,235
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Hondo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88336 | $247 | $469 | $1,127 | $1,820 | $9,911 |
Source: Ownwell